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股权控制力是指股东依据股权而具有的决策力、执行力、监督力和受益力。影响股权控制力的因素主要是股东的性质、股权的地位、股权的委托—代理情况、股权的存在状态。大型国企国有股权的控制力在长长的委托—代理链条中被严重耗散,控制力很低。基于此,我国大型国企应当尽可能推进产权的多元化改革,引进非国有投资主体,增强股权的总体控制力,为企业健康稳定发展奠定制度基础。
Shareholding control refers to the shareholders have the decision-making power, execution, supervision and benefit according to the equity. The factors that influence the controlling power of the equity mainly include the nature of the shareholder, the status of the equity, the commission-agent situation of the equity, and the existence of the equity. The control power of large state-owned state-owned shares is severely dissipated in the long chain of principal-agent chains, with low control. Based on this, China’s large state-owned enterprises should promote the diversification of property rights as much as possible, introduce non-state-owned investment entities, enhance the overall control over equity ownership and lay the institutional foundation for the healthy and steady development of the enterprise.